Shanghai’s Pre-Owned Home Sales Surge Amid Government Support
Shanghai’s pre-owned home sales have surged, surpassing 1,000 units in a single day for the first time in four months. On October 15, 1,334 second-hand properties were sold, marking a significant rebound in the market. This recovery is largely attributed to the supportive real estate policies introduced by the Chinese central government in late September. The revival follows key measures announced by Pan Gongsheng, governor of China’s central bank, on September 24. These policies include a 50-basis-point reduction in mortgage rates, bringing them closer to new loan levels, and lowering the minimum down payment for second homes from 25% to